Blockchain has been around for over ten years, but it still hasn’t quite made its way into the mainstream. Has it progressed since its entry to the market as Bitcoin in 2008, or is it merely stagnating, waiting for a use case that won’t come?
The truth behind blockchain
It is easy to think, upon the realization that blockchain has been around for over ten years, that the technology has failed – that simply, despite the fact that it is slowly becoming more popular, the technology hasn’t grown fast enough. Unfortunately, however, technology often doesn’t move as quickly as we want it to – especially when it requires the overhauling of our pre-existing processes.
Take virtual assistants, for example. They don’t really require us to change the way we live – instead, they make life easier for us. Google Home doesn’t ask you to change the way you currently do things. It makes things, such as the internet, more accessible. That’s how it has come into popularity with such speed.
Blockchain is a ‘disruptive technology’. This, at large, can discourage companies from implementation. As more and more major companies (such as IBM, De Beers and even Volvo) implement blockchain, the more companies will be driven to implement it in their own processes, displacing this pre-existing fear.
Of course, blockchain doesn’t have to require extensive cost and effort. Our platform STAMP, for example, integrates with pre-existing software and can be easily customized to your company requirements.
When will it become ‘mainstream’?
Blockchain has already come a long way from its inception. When Bitcoin was ‘created’ in 2008, people largely viewed ‘blockchain’ and ‘Bitcoin’ as interchangeable. There was a lack of understanding that blockchain’s capabilities extended far beyond cryptocurrency and financial exchange.
The technology’s potential is in its transparency, traceability and permanence – it is the perfect stepping stone for many companies to organize and integrate their data.
In 2019, many of us know that blockchain and cryptocurrency are not the same thing. One helps the other, but they are not dependent on one another. Its potential in supply chains is becoming largely realised, as it securely tracks the supply chain. As to where blockchain will be in another ten years, it’s unlikely, at this point, that it will become obsolete.
Bitcoin, on the other hand, is a mystery: will it still exist in ten years? It remains unsure. Yet while Bitcoin’s value is rooted in others’ perception, blockchain’s isn’t. Its value remains even when the price of Bitcoin goes down.
Blockchain technology isn’t going anywhere any time soon. Blockhead is implementing real-time blockchain-enabled solutions in a variety of sectors, predominantly mining. Interested in finding out more? Click here or contact us here for a demo.